Sorry i am in Canada, but looking for some general feedback.
in 2006 I got a mortgage with a canadian bank - 5 year fixed term
- in 2009 i wanted to purchase a new home, which would mean I would be closing my first mortgage to obtain the second - the second mortgage was substainally larger then the first
- upon discussing the options with my mortgage specialist, i learned that my bank would charge a prepayment penalty up around $8500, pending on the interest of the day
- i informed them that if they were going to charge me this penalty in full, i would tranfer my mortgage to a different bank
- i was then told they would assess my penalty and it would be waived, just not 100%
- i repeatedly called and emailed over then following months to obtain information on the status of the penalty and the amount of waiver
- i was told that the final amount would not be known until time of disbursing payout on first mortgage
- upon recieving this disburesment i discovered that no amount of my penalty was waived
- when i complained to the branch manager, he informed me that their bank under no circumstances will waive an IRD penatly
- i later learned that their policy stats IRD penality may be waived up to a maximum of $300
- this was not shared with me at any point of my dealings
- when requesting payout information, i could understand not knowing exact dollars, but they could have shared that it would be a maximum of $300 --- and if i would have known this i definetly would not be banking with TD Canada Trust and would have shopped around for a better rate and possibly a branch that would have covered some of the penalty
- can this case be taken to Small Claims Court to sue for reimbursement of penalty
in 2006 I got a mortgage with a canadian bank - 5 year fixed term
- in 2009 i wanted to purchase a new home, which would mean I would be closing my first mortgage to obtain the second - the second mortgage was substainally larger then the first
- upon discussing the options with my mortgage specialist, i learned that my bank would charge a prepayment penalty up around $8500, pending on the interest of the day
- i informed them that if they were going to charge me this penalty in full, i would tranfer my mortgage to a different bank
- i was then told they would assess my penalty and it would be waived, just not 100%
- i repeatedly called and emailed over then following months to obtain information on the status of the penalty and the amount of waiver
- i was told that the final amount would not be known until time of disbursing payout on first mortgage
- upon recieving this disburesment i discovered that no amount of my penalty was waived
- when i complained to the branch manager, he informed me that their bank under no circumstances will waive an IRD penatly
- i later learned that their policy stats IRD penality may be waived up to a maximum of $300
- this was not shared with me at any point of my dealings
- when requesting payout information, i could understand not knowing exact dollars, but they could have shared that it would be a maximum of $300 --- and if i would have known this i definetly would not be banking with TD Canada Trust and would have shopped around for a better rate and possibly a branch that would have covered some of the penalty
- can this case be taken to Small Claims Court to sue for reimbursement of penalty
